企業(yè)并購?fù)馕姆g--并購基礎(chǔ)知識(shí)一切你需要知道的（節(jié)選）

1、<p>　　3200單詞，1.7萬英文字符，5300漢字</p><p>　　出處：Donald DePamphilis. Mergers and acquisitions basics:All you need to know America :Academic Press. Oct，2010，P1-10</p><p><b>　　外文文獻(xiàn)</b><

2、;/p><p>　　Mergers and Acquisitions Basics :All You Need To Know</p><p>　　Donald DePamphilis</p><p>　　Introduction to Mergers and Acquisitions</p><p>　　The first decade of

3、the new millennium heralded an era of global mega-mergers. Like the mergers and acquisitions (M&As) frenzy of the 1980s and 1990s, several factors fueled activity through mid-2007: readily available credit, historica

4、lly low interest rates, rising equity markets, technological change, global competition, and industry consolidation. In terms of dollar volume, M&A transactions reached a record level worldwide in 2007. But extended

5、turbulence in the global credit markets soon fol</p><p>　　The speculative housing bubble in the United States and elsewhere, largely financed by debt, burst during the second half of the year. Banks, concern

6、ed about the value of many of their own assets, became exceedingly selective and largely withdrew from financing the highly leveraged transactions that had become commonplace the previous year. The quality of assets held

7、 by banks through out Europe and Asia also became suspect, reflecting the global nature of the credit markets. As credit dried up, </p><p>　　By 2008, a combination of record high oil prices and a reduced ava

8、ilability of credit sent most of the world’s economies into recession, reducing global M&A activity by more than one-third from its previous high. This global recession deepened during the first half of 2009—despite

9、a dramatic drop in energy prices and highly stimulative monetary and fiscal policies—extending the slump in M&A activity.</p><p>　　In recent years, governments worldwide have intervened aggressively in g

10、lobal credit markets (as well as in manufacturing and other sectors of the economy) in an effort to restore business and consumer confidence, restore credit market functioning, and offset deflationary pressures. What imp

11、act have such actions had on mergers and acquisitions? It is too early to tell, but the implications may be significant.</p><p>　　M&As are an important means of transferring resources to where they are m

12、ost needed and of removing underperforming managers. Government decisions to save some firms while allowing others to fail are likely to disrupt this process. Such decisions are often based on the notion that some firms

13、are simply too big to fail because of their potential impact on the economy—consider AIG in the United States. Others are clearly motivated by politics. Such actions disrupt the smooth functioning of markets</p>&

14、lt;p>　　In this chapter, you will gain an understanding of the underlying dynamics of M&As in the context of an increasingly interconnected world. The chapter begins with a discussion of M&As as change agents i

15、n the context of corporate restructuring. The focus is on M&As and why they happen, with brief consideration given to alternative ways of increasing shareholder value. You will also be introduced to a variety of lega

16、l structures and strategies that are employed to restructure corporations.</p><p>　　Throughout this book, a firm that attempts to acquire or merge with another company is called an acquiring company, acquire

17、r, or bidder. The target company or target is the firm being solicited by the acquiring company. Takeovers or buyouts are generic terms for a change in the controlling ownership interest of a corporation.</p><

18、p>　　Words in bold italics are the ones most important for you to understand fully;they are all included in a glossary at the end of the book.</p><p>　　Mergers and Acquisitions as Change Agents</p>

19、<p>　　Businesses come and go in a continuing churn, perhaps best illustrated by the ever-changing composition of the so-called Fortune 500—the 500 largest U.S. corporations. Only 70 of the firms on the original 1955

20、 list of 500 are on today’s list, and some 2,000 firms have appeared on the list at one time or another. Most have dropped off the list either through merger, acquisition, bankruptcy, downsizing, or some other form of co

21、rporate restructuring. Consider a few examples: Chrysler, Bethlehem Ste</p><p><b>　　Synergy</b></p><p>　　Synergy is the rather simplistic notion that two (or more) businesses in comb

22、ination will create greater shareholder value than if they are operated separately. It may be measured as the incremental cash flow that can be realized through combination in excess of what would be realized were the fi

23、rms to remain separate. There are two basic types of synergy: operating and financial.</p><p>　　Operating Synergy (Economies of Scale and Scope)</p><p>　　Operating synergy comprises both economi

24、es of scale and economies of scope, which can be important determinants of shareholder wealth creation. Gains in efficiency can come from either factor and from improved managerial practices.</p><p>　　Spread

25、ing fixed costs over increasing production levels realizes economies of scale, with scale defined by such fixed costs as depreciation of equipment and amortization of capitalized software; normal maintenance spending; ob

26、ligations such as interest expense, lease payments, and long-term union, customer, and vendor contracts; and taxes. These costs are fixed in that they cannot be altered in the short run. By contrast, variable costs are t

27、hose that change with output levels. Consequently, for</p><p>　　To illustrate the potential profit improvement from economies of scale, let’s consider an automobile plant that can assemble 10 cars per hour a

28、nd runs around the clock—which means the plant produces 240 cars per day. The plant’s fixed expenses per day are $1 million, so the average fixed cost per car produced is $4,167 (i.e., $1,000,000/240). Now imagine an imp

29、roved assembly line that allows the plant t o assemble 20 cars per hour, or 480 per day. The average fixed cost per car per day falls to </p><p>　　A firm with high fixed costs as a percentage of total costs

30、will have greater earnings variability than one with a lower ratio of fixed to total costs. Let’s consider two firms with annual revenues of $1 billion and operating profits of $50 million. The fixed costs at the first f

31、irm represent 100 percent of total costs, but at the second fixed costs are only half of all costs. If revenues at both firms increased by $50 million, the first firm would see income increase to $100 million, precisely

32、</p><p>　　Using a specific set of skills or an asset currently employed to produce a given product or service to produce something else realizes economies of scope, which are found most often when it is chea

33、per to combine multiple product lines in one firm than to produce them in separate firms. Procter & Gamble, the consumer products giant, uses its highly regarded consumer marketing skills to sell a full range of pers

34、onal care as well as pharmaceutical products. Honda knows how to enhance internal combu</p><p>　　Financial Synergy (Lowering the Cost of Capital)</p><p>　　Financial synergy refers to the impact

35、of mergers and acquisitions on the cost of capital of the acquiring firm or newly formed firm resulting from a merger or acquisition. The cost of capital is the minimum return required by investors and lenders to induce

36、them to buy a firm’s stock or to lend to the firm.</p><p>　　In theory, the cost of capital could be reduced if the merged firms have cash flows that do not move up and down in tandem (i.e., so-called co-insu

37、rance), realize financial economies of scale from lower securities issuance and transactions costs, or result in a better matching of investment opportunities with internally generated funds. Combining a firm that has ex

38、cess cash flows with one whose internally generated cash flow is insufficient to fund its investment opportunities may also result in</p><p>　　Diversification</p><p>　　Buying firms outside a com

39、pany’s current primary lines of business is called diversification, and is typically justified in one of two ways. Diversification may create financial synergy that reduces the cost of capital, or it may allow a firm to

40、shift its core product lines or markets into ones that have higher growth prospects, even ones that are unrelated to the firm’s current products or markets. The extent to which diversification is unrelated to an acquirer

41、’s current lines of business can h</p><p>　　A firm facing slower growth in its current markets may be able to accelerate growth through related diversification by selling its current products in new markets

42、that are somewhat unfamiliar and, therefore, mor risky. Such was the case when pharmaceutical giant Johnson &Johnson announced its ultimately unsuccessful takeover attempt of Guidant Corporation in late 2004. J&J

43、 was seeking an entry point for its medical devices business in the fast-growing market for implantable devices, in which it </p><p>　　Firms that operate in a number of largely unrelated industries, such as

44、General Electric, are called conglomerates. The share prices of conglomerates often trade at a discount—as much as 10 to 15 percent—compared to shares of focused firms or to their value were they broken up. This discount

45、 is called the conglomerate discount or diversification discount. Investors often perceive companies diversified in unrelated areas (i.e., those in different standard industrial classifications) as riskier be</p>

46、<p>　　Still, although the evidence suggests that firms pursuing a more focused corporate strategy are likely to perform best, there are always exceptions.</p><p>　　Strategic Realignment</p><p

47、>　　The strategic realignment theory suggests that firms use M&As to make rapid adjustments to changes in their external environments. Although change can come from many different sources, this theory considers onl

48、y changes in the regulatory environment and technological innovation—two factors that, over the past 20 years, have been major forces in creating new opportunities for growth, and threatening, or making obsolete, firms’

49、primary lines of business.</p><p>　　Regulatory Change</p><p>　　Those industries that have been subject to significant deregulation in recent years—financial services, health care, utilities, med

50、ia, telecommunications, defense—have been at the center of M&A activity because deregulation breaks down artificial barriers and stimulates competition. During the first half of the 1990s, for instance, the U.S. Depa

51、rtment of Defense actively encouraged consolidation of the nation’s major defense contractors to improve their overall operating efficiency.</p><p>　　Utilities now required in some states to sell power to co

52、mpetitors that can resell the power in the utility’s own marketplace respond with M&As to achieve greater operating efficiency. Commercial banks that have moved beyond their historical role of accepting deposits and

53、g ranting loans are merging with securities firms and insurance companies thanks to the Financial Services Modernization Act of 1999, which repealed legislation dating back to the Great Depression.The Citicorp–Travelers

54、merger </p><p>　　The telecommunications industry offers a striking illustration. Historically, local and long-distance phone companies were not allowed t o compete against each other, and cable companies wer

55、e essentially monopolies. Since the Telecommunications Act of 1996, local and long-distance companies are actively encouraged to compete in each other’s markets, and cable companies are offering both Internet access and

56、local telephone service. When a federal appeals court in 2002 struck down a Federal Commun</p><p>　　Technological Change</p><p>　　Technological advances create new products and industries. The d

57、evelopment of the airplane created the passenger airline, avionics, and satellite industries. The emergence of satellite delivery of cable networks t o regional and local stations ignited explosive growth in the cable in

58、dustry. Today, with the expansion of broadband technology, we are witnessing the convergence of voice, data, and video technologies on the Internet. The emergence of digital camera technology has reduced dramatically<

59、/p><p>　　Smaller, more nimble players exhibit speed and creativity many larger, more bureaucratic firms cannot achieve. With engineering talent often in short supply and product life cycles shortening, these la

60、rger firms may not have the luxury of time or the resources to innovate. So, they may look to M&As as a fast and sometimes less expensive way to acquire new technologies and proprietary know-how to fill gaps in their

61、 current product portfolios or to enter entirely new businesses. Acquiring technolo</p><p>　　Hubris and the “Winner’s Curse”</p><p>　　Managers sometimes believe that their own valuation of a tar

62、get firm is superior to the market’s valuation. Thus, the acquiring company tends to overpay for the target, having been overoptimistic when evaluating synergies.Competition among bidders also is likely to result in the

63、winner overpaying because of hubris, even if significant synergies are present. In an auction environment with bidders, the range of bids for a target company is likely to be quite wide, because senior managers t end to

64、</p><p>　　Buying Undervalued Assets (The Q-Ratio)</p><p>　　The q-ratio is the ratio of the market value of the acquiring firm’s stock to the replacement cost of its assets. Firms interested in e

65、xpansion can choose to invest in new plants and equipment or obtain the assets by acquiring a company with a market value less than what it would cost to replace the assets (i.e., q-ratio＜1). This theory was very useful

66、in explaining M&A activity during the 1970s, when high inflation and interest rates depressed stock prices well below the book value of many firm</p><p>　　When gasoline refiner Valero Energy Corp. acquir

67、ed Premcor Inc. in 2005, the $8 billion transaction created the largest refiner in North America. It would have cost an estimated 40 percent more for Valero to build a new refinery with equivalent capacity.</p>&l

68、t;p>　　Mismanagement (Agency Problems)</p><p>　　Agency problems arise when there is a difference between the interests of incumbent managers (i.e., those currently managing the firm) and the firm’s shareho

69、lders. This happens when management owns a small fraction of the outstanding shares of the firm. These managers, who serve as agents of the shareholder, may be more inclined to focus on their own job security and lavish

70、lifestyles than on maximizing shareholder value. When the shares of a company are widely held, the cost of such mismanageme</p><p>　　Agency problems also contribute to management-initiated buyouts, particula

71、rly when managers and shareholders disagree over how excess cash flow should be used.Managers may have access to information not readily available to shareholders and may therefore be able to convince lenders to provide

72、funds to buy out shareholders and concentrate ownership in the hands of management.</p><p><b>　　中文翻譯</b></p><p>　　并購基礎(chǔ)知識(shí)：一切你需要知道的</p><p>　　Donald DePamphilis</p>

73、<p><b>　　介紹合并和收購</b></p><p>　　新千年的第一個(gè)十年,預(yù)示著全球大規(guī)模并購時(shí)代的到來。如同在20世紀(jì)80年代和90年代的并購狂熱，有幾個(gè)因素推動(dòng)著這一活動(dòng)持續(xù)至2007年中期：容易獲得信貸，利率處于歷史低位，股市興起，技術(shù)變革，全球競(jìng)爭(zhēng)和行業(yè)整合。在成交金額方面，2007年在全球范圍內(nèi)并購交易達(dá)到創(chuàng)紀(jì)錄的水平。但是，持續(xù)的全球信貸市場(chǎng)動(dòng)蕩隨后而來。&l

74、t;/p><p>　　今年下半年，在美國和其他地方，主要依靠債務(wù)融資的投機(jī)性住房泡沫破滅。銀行由于擔(dān)心自己的多種資產(chǎn)價(jià)值，變的非常有選擇性，基本上取消了高杠桿交易的融資，而前一年此融資行為已經(jīng)司空見慣。銀行在歐洲和亞洲持有的資產(chǎn)的質(zhì)量也開始遭到質(zhì)疑。反映了信貸市場(chǎng)的全球性質(zhì)。由于信貸枯竭，萎靡不振蔓延在全球高杠桿的并購交易的市場(chǎng)中。</p><p>　　到2008年，創(chuàng)紀(jì)錄的高油價(jià)和減少信貸供

75、應(yīng)量讓世界上大多數(shù)國家的經(jīng)濟(jì)陷入了衰退，全球并購活動(dòng)從以前的高量減少了三分之一以上。在2009年上半年，盡管能源價(jià)格大幅下降以及高刺激性的貨幣和財(cái)政政策出臺(tái)，全球衰退更加嚴(yán)重， 使得并購活動(dòng)持續(xù)低迷。</p><p>　　近年來，世界各國政府已積極介入全球信貸市場(chǎng)（以及在制造業(yè)和其他經(jīng)濟(jì)領(lǐng)域），努力恢復(fù)行業(yè)和消費(fèi)者信心，恢復(fù)信貸市場(chǎng)的運(yùn)作，并抵消通縮壓力。這些措施對(duì)并購有什么影響，尚言之過早，但其影響可能是顯著的

76、。</p><p>　　并購是一種將資源轉(zhuǎn)移到最需要的地方以及去除表現(xiàn)不佳的經(jīng)理人的重要的手段。然而政府決定拯救一些企業(yè)，同時(shí)允許一些企業(yè)破產(chǎn)可能會(huì)破壞這一過程。這樣的決定往往是基于一些企業(yè)僅僅是太大而不能倒閉的觀念，因其對(duì)美國經(jīng)濟(jì)的潛在影響（如美國的AIG）。而其他人顯然是出于政治動(dòng)機(jī)。這些措施擾亂市場(chǎng)優(yōu)勝劣汰的平穩(wěn)運(yùn)作。讓企業(yè)相信，它可以達(dá)到“太大而不能倒閉”規(guī)模，可能會(huì)造成反常的動(dòng)機(jī)。此外，很少有歷史證據(jù)表

77、明，政府比市場(chǎng)能更好的決定誰應(yīng)該失敗，誰應(yīng)該生存。</p><p>　　在本章中，您將了解在相互聯(lián)系日益緊密的世界的背景下的并購的基本動(dòng)態(tài)。本章首先討論了在企業(yè)重組背景下并購作為變革推動(dòng)者的議題。重點(diǎn)是并購活動(dòng)以及他們發(fā)生原因，簡(jiǎn)要考慮其他增加股東價(jià)值的替代方法。還將向您介紹各種用于重組公司的法律結(jié)構(gòu)和策略。</p><p>　　在這本書中，一個(gè)公司試圖收購或與另一家公司合并稱為收購公司，

78、收購方或投標(biāo)方。目標(biāo)公司或目標(biāo)公司是被收購公司請(qǐng)求收購的公司。接管或收購是改變控制一家公司的所有權(quán)的通用術(shù)語。</p><p>　　粗體斜體字是你需充分了解的最重要的部分，他們都包含本書結(jié)尾部分的詞匯表里。</p><p>　　企業(yè)并購作為變革的推動(dòng)者</p><p>　　各企業(yè)你方唱罷我登場(chǎng)，所謂的“財(cái)富”500強(qiáng)（美國500家最大公司）的構(gòu)成變化也許是最好的說明

79、。只有70家在1955年500強(qiáng)名單上的公司仍出現(xiàn)在名單上，大約2000家企業(yè)在曾經(jīng)在名單上出現(xiàn)過。大部分公司通過兼并，收購，破產(chǎn)，裁員，或一些其他形式的企業(yè)重組已經(jīng)不在名單上。例如：克萊斯勒，伯利恒鋼鐵公司，斯科特紙業(yè)，天頂，樂伯美，華納蘭伯特。大眾媒體傾向于使用企業(yè)重組這個(gè)詞來描述企業(yè)為擴(kuò)大或縮小企業(yè)的基本業(yè)務(wù)或從根本上改變其資產(chǎn)或金融結(jié)構(gòu)而采取的措施。</p><p><b>　　協(xié)同效應(yīng)<

80、/b></p><p>　　協(xié)同效應(yīng)是相當(dāng)簡(jiǎn)單的概念，即兩個(gè)（或更多）企業(yè)組合會(huì)創(chuàng)造比他們分開經(jīng)營的更大的股東價(jià)值。它可以通過資金流量凈增額衡量，資金流量凈增額為合并后的資金流量超出獨(dú)立經(jīng)營的資金流量的量。有兩種基本類型的協(xié)同效應(yīng)：經(jīng)營性的和財(cái)務(wù)性的。</p><p>　　經(jīng)營協(xié)同效益（規(guī)模經(jīng)濟(jì)）</p><p>　　經(jīng)營協(xié)同效應(yīng)包括規(guī)模經(jīng)濟(jì)和范圍經(jīng)濟(jì)，這是可

81、以為股東創(chuàng)造財(cái)富的重要決定因素。效率的提高可以來自任何一個(gè)因素以及管理的改善。</p><p>　　將固定成本分?jǐn)偟礁蟮漠a(chǎn)量上，則實(shí)現(xiàn)規(guī)模經(jīng)濟(jì)，規(guī)模由固定費(fèi)用界定如設(shè)備的折舊，資本化軟件的攤銷，正常維護(hù)費(fèi)用；其他義務(wù)如利息，租賃費(fèi)，以及長期協(xié)會(huì)，客戶，供應(yīng)商合同和稅收。這些成本是固定的，在短期內(nèi)不會(huì)改變。與此相反，可變成本是指那些隨產(chǎn)量變化而變化的成本。因此，對(duì)于特定規(guī)模和數(shù)量的固定成本，每單位產(chǎn)量和每單位收益

82、的固定成本費(fèi)用隨著產(chǎn)量和銷售的增加而降低。</p><p>　　為了說明從規(guī)模經(jīng)濟(jì)的潛在利潤改善，讓我們考慮一個(gè)每小時(shí)可生產(chǎn)10輛車、且晝夜不停運(yùn)轉(zhuǎn)的汽車廠，這意味著該工廠每天生產(chǎn)240輛汽車。工廠每天的固定費(fèi)用是 100萬美元，因此，生產(chǎn)每輛汽車的平均固定成本為$4,167（即$1,000,000/ 240）?，F(xiàn)在想象一個(gè)改進(jìn)的組裝生產(chǎn)線，可以使工廠每小時(shí)組裝20輛，或每天480輛。每天每車的平均固定成本下降為

83、2083美元（即$1,000,000/ 480）。如果每車可變成本（如，直接勞工）不增加，每輛汽車的售價(jià)相同，由于平均固定成本降低，每天每車的效益增加為2084美元（即， $4,167 - $2,083）。</p><p>　　固定成本占總成本百分比高的企業(yè)將比低的企業(yè)將會(huì)有更大的盈利變化。讓我們考慮年收入10億美元和年?duì)I業(yè)利潤5000萬美元的兩家公司。在第一家公司的固定成本占總成本的100％，但在第二家公司的固

84、定費(fèi)用只占總成本的一半。如果在這兩家公司的收入增加了5000萬美元，第一家收入將增加到1億美元，正是因?yàn)樗匈M(fèi)用都是固定的。在第二家公司的收入將僅增加到7500萬美元，因?yàn)樵黾拥?000萬美元的收入的一半用于支付增加的可變成本。</p><p>　　使用特定的技能或現(xiàn)有的資產(chǎn)生產(chǎn)特定產(chǎn)品或服務(wù)來生產(chǎn)其他的產(chǎn)品，則實(shí)現(xiàn)了范圍經(jīng)濟(jì)。當(dāng)在同一公司內(nèi)綜合具備多種生產(chǎn)線比在不同公司生產(chǎn)更為經(jīng)濟(jì)時(shí)，這種方式最為常見。消費(fèi)產(chǎn)品

85、生產(chǎn)巨頭，寶潔公司，利用其高度重視消費(fèi)者的營銷技巧銷售全系列的個(gè)人護(hù)理產(chǎn)品和醫(yī)藥產(chǎn)品。本田知道如何提升內(nèi)燃機(jī)性能，所以在除了汽車，該公司開發(fā)了摩托車，割草機(jī)和吹雪機(jī)。 Sequent科技公司可以使客戶在同一電腦系統(tǒng)上運(yùn)行UNIX和NT操作系統(tǒng)的應(yīng)用程序?；ㄆ旒瘓F(tuán)使用同一計(jì)算機(jī)中心處理其銀行客戶的貸款申請(qǐng)，存款，信托服務(wù)，和共同基金帳戶。每一個(gè)例子都是范圍經(jīng)濟(jì)，公司使用特定的技能或資產(chǎn)來生產(chǎn)或銷售多種產(chǎn)品，從而獲得更多的收入。</p

86、><p>　　財(cái)務(wù)協(xié)同效應(yīng)（降低資本成本）</p><p>　　財(cái)務(wù)協(xié)同效應(yīng)是兼并和收購對(duì)收購公司或?qū)τ杉娌⒒蚴召彾闪⒌男鹿镜馁Y本成本的影響。資本成本是促使投資者或借貸方購買公司股票或借款給公司的必要最低回報(bào)。</p><p>　　從理論上講，，如果合并后的公司的現(xiàn)金流量未接連上下波動(dòng)（即，所謂的共同保險(xiǎn)），就可以降低資金成本，可從較低有價(jià)證券保險(xiǎn)和交易成本實(shí)現(xiàn)金融

87、規(guī)模經(jīng)濟(jì)或，或?qū)崿F(xiàn)投資機(jī)會(huì)與內(nèi)部資金之間的更好匹配。存在過多現(xiàn)金流的公司與內(nèi)部現(xiàn)金流不足以為投資機(jī)會(huì)融資的公司合并會(huì)產(chǎn)生較低的借貸成本。成熟行業(yè)內(nèi)的工資經(jīng)歷緩慢的增長會(huì)產(chǎn)生過多的現(xiàn)金流，超過其有效投資機(jī)會(huì)需求。高速發(fā)展的行業(yè)內(nèi)的公司可能不具備足夠的現(xiàn)金來捕捉投資機(jī)會(huì)?？紤]到其不同的增長率和風(fēng)險(xiǎn)等級(jí)，成熟行業(yè)內(nèi)的公司的資本成本比高速增長行業(yè)的低，合并這兩個(gè)公司會(huì)降低合并后公司的平均資本成本。</p><p><

88、;b>　　多元化</b></p><p>　　收購本公司主要業(yè)務(wù)范圍外的公司稱為多元化，由兩種方式之一證明合理的。多元化可能會(huì)產(chǎn)生減少資本成本的金融效應(yīng)或允許公司轉(zhuǎn)變其核心生產(chǎn)線或者市場(chǎng)，從而具備更高增長前景，這些生產(chǎn)線或市場(chǎng)甚至與公司當(dāng)前產(chǎn)品和市場(chǎng)沒有聯(lián)系。與收購方當(dāng)前業(yè)務(wù)范圍無關(guān)的多元化的范圍可明顯折射出合并后的公司的運(yùn)營如何有效的管理。</p><p>　　公司在當(dāng)

89、前市場(chǎng)中發(fā)展緩慢，可能會(huì)通過相關(guān)的多元化在有些陌生的市場(chǎng)中銷售新產(chǎn)品加速發(fā)展，由此也帶來更多風(fēng)險(xiǎn)。2004年制藥巨頭強(qiáng)生公司宣布其試圖收購佳騰公司最終未果，就是這種情形。強(qiáng)生公司為其醫(yī)療設(shè)備在快速增長的植入設(shè)備的市場(chǎng)中尋求切入點(diǎn)，最終未能進(jìn)入。公司可通過開發(fā)或獲得其相對(duì)陌生的新產(chǎn)品并在其熟悉的和風(fēng)險(xiǎn)較小的當(dāng)前市場(chǎng)中銷售來獲得較高的增長率。實(shí)現(xiàn)更高的增長率。零售商JCPenney的收購愛克德連鎖藥店或強(qiáng)生公司于2006年以$160億美元收

90、購輝瑞消費(fèi)保健品生產(chǎn)線就是相關(guān)多元化是兩個(gè)例子。在每個(gè)實(shí)例中，公司承擔(dān)了額外的風(fēng)險(xiǎn)，，但如果已經(jīng)為新市場(chǎng)開發(fā)新產(chǎn)品，其風(fēng)險(xiǎn)較非相關(guān)多元化小。有大量證據(jù)表明，投資者未能從非相關(guān)多元化中受益。</p><p>　　公司經(jīng)營一些的很大程度上不相關(guān)的行業(yè)，如通用電氣（General Electric），被稱為多元化企業(yè)。與專業(yè)性公司的股價(jià)或與其分散經(jīng)營的公司的股價(jià)相比，多元化企業(yè)的股價(jià)往往交易折扣高達(dá)10％至15％。此折

91、扣稱為多元化企業(yè)折讓。投資者通常認(rèn)為多元化企業(yè)風(fēng)險(xiǎn)更大，因?yàn)楣芾碚咄y以把握這些公司，經(jīng)常無法為最有吸引力的投資機(jī)會(huì)提供充足資金。另外，外部投資者可能會(huì)難以理解如何判定高度多元化業(yè)務(wù)的不同部分的價(jià)值。研究者也對(duì)于企業(yè)多元化折讓是否被夸大上意見不一。</p><p>　　盡管有證據(jù)表明，公司追求更專業(yè)性的企業(yè)戰(zhàn)略有可能獲得最好也業(yè)績，但仍有例外。</p><p><b>　　戰(zhàn)略

92、調(diào)整</b></p><p>　　戰(zhàn)略調(diào)整的理論表明，公司利用并購做出迅速的調(diào)整應(yīng)對(duì)其外部環(huán)境改變。盡管變化會(huì)來自多個(gè)方面，此理論只考慮在調(diào)控環(huán)境下和科技創(chuàng)新下的變化，這兩個(gè)因素在過去20年的時(shí)間是創(chuàng)造新的發(fā)展機(jī)會(huì)，威脅或淘汰公司基本業(yè)務(wù)的主要力量</p><p><b>　　調(diào)控變化</b></p><p>　　近年來，金融服務(wù)，

93、醫(yī)療保健，公用事業(yè)，媒體，電信等行業(yè)面臨的管制明顯減少，這些行業(yè)處于并購活動(dòng)的中心，因?yàn)榉潘晒苤拼蚱屏巳藶檎系K并刺激競(jìng)爭(zhēng)。例如，20世紀(jì)90年代上半葉，美國國防部積極鼓勵(lì)整合全國主要的國防承包商，以提高其整體運(yùn)營效率。</p><p>　　現(xiàn)在，要求一些州的公用事業(yè)將電力出售給能夠在公用事業(yè)的自行銷地區(qū)再次出售的競(jìng)爭(zhēng)者，以取得更好的運(yùn)營效率。由于1996年頒布的《金融服務(wù)現(xiàn)代化法案》（此法案撤銷了可回溯到大蕭條時(shí)

94、期的立法），商業(yè)銀行也超出了其存貸款的歷史角色 與證券公司和保險(xiǎn)公司合并。一年前合并的花旗集團(tuán)與圣保羅旅行者保險(xiǎn)公司預(yù)見到這一點(diǎn)，有可能他們的代表對(duì)此立法進(jìn)行了游說。最后的篇章還未揭開，組建大金融服務(wù)公司的趨勢(shì)會(huì)受到2010通過的新法規(guī)的阻礙，此法規(guī)的通過是由于考慮到所承擔(dān)的過多風(fēng)險(xiǎn)。</p><p>　　電信行業(yè)提供了一個(gè)鮮明的例子。以往不允許本地和長途電話公司許互相競(jìng)爭(zhēng)，電纜電報(bào)公司實(shí)質(zhì)上處于壟斷地位。199

95、6年《電信法》頒布，積極鼓勵(lì)本地和長途電話公司，進(jìn)入對(duì)方的市場(chǎng)、展開競(jìng)爭(zhēng)，電纜電報(bào)公司也提供互聯(lián)網(wǎng)和本地電話服務(wù)。2002年，聯(lián)邦上訴法院駁回了聯(lián)邦通信委員會(huì)的禁止公司在同一城市內(nèi)同時(shí)擁有有線電視系統(tǒng)和電視廣播站的規(guī)定，廢除了禁止公司擁有能影響到美國35%的家庭電視臺(tái)的規(guī)則，鼓勵(lì)最大的媒體公司之間的合并或并購較小的廣播公司。</p><p><b>　　技術(shù)變革</b></p>

96、<p>　　技術(shù)進(jìn)步產(chǎn)生新的產(chǎn)品和行業(yè)。飛機(jī)的發(fā)展催生了客運(yùn)航空公司，航空電子設(shè)備，衛(wèi)星工業(yè)。區(qū)域和地方電纜工業(yè)的衛(wèi)星傳送的出現(xiàn)引發(fā)了爆炸性增長。今天，隨著寬帶技術(shù)的發(fā)展，互聯(lián)網(wǎng)上匯集了聲音、數(shù)據(jù)和視頻技術(shù)。數(shù)碼相機(jī)技術(shù)的出現(xiàn)，模擬相機(jī)和膠卷的需求急劇下降，使得家喻戶曉的柯達(dá)和寶麗來倉促應(yīng)對(duì)。衛(wèi)星廣播的發(fā)展增加其在無線電廣播廣告市場(chǎng)的份額，蠶食傳統(tǒng)廣播電臺(tái)。</p><p>　　更小，更靈活的參與者展

97、現(xiàn)出很多更大，更官僚作風(fēng)的公司無法匹及的速度和創(chuàng)造力。由于缺乏技術(shù)人才，產(chǎn)品使用周期縮短，這些較大公司缺少足夠的時(shí)間和資源來創(chuàng)新。因此，他們可能會(huì)將并購視為快速，有時(shí)更為經(jīng)濟(jì)的獲得新的科技和專利技術(shù)的方式，以彌補(bǔ)其當(dāng)前產(chǎn)品組合的不足，或者進(jìn)入了全新的行業(yè)。獲取技術(shù)，也可以作為避免重要的技術(shù)落入競(jìng)爭(zhēng)者之手的防御性措施。。在2006年，eBay以31億美元現(xiàn)金、股票和業(yè)績償付方式收購互聯(lián)網(wǎng)電話提供商Skype科技，希望此舉將推動(dòng)其在線拍賣網(wǎng)

98、站的交易和限制競(jìng)爭(zhēng)對(duì)手獲得此項(xiàng)新技術(shù)。 2009年9月，eBay不得不承認(rèn)，它一直無法實(shí)現(xiàn)擁有的Skype帶來的利益，正將此業(yè)務(wù)以27.5億美元出售給私人投資集團(tuán)。</p><p>　　驕傲自大和“贏家的詛咒”</p><p>　　經(jīng)理人有時(shí)會(huì)認(rèn)為自己對(duì)目標(biāo)公司的估價(jià)是優(yōu)于市場(chǎng)的估價(jià)。因此，收購公司容易為目標(biāo)公司支付過多，評(píng)估協(xié)作效應(yīng)時(shí)過于樂觀。投標(biāo)人之間的競(jìng)爭(zhēng)，由于驕傲自大，也可能導(dǎo)致花